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1st LD Writethru: Italy confirms intention to become founding member of China-proposed investment bank: finance ministry

Xinhua, March 17, 2015 Adjust font size:

Italy intends to become prospective founding member of the Asian Infrastructure Investment Bank (AIIB), the country's Ministry of Economy and Finance announced on Tuesday.

The ministry confirmed in a statement media reports that France, Italy and Germany were planning to join the China-proposed international development bank, which was launched last year.

"France, Italy and Germany, in close coordination with international and European partners, are keen to work with the AIIB founding members to establish an institution that follows the best standards and practices in terms of governance, safeguards, debt and procurement policies," the statement said.

The AIIB, as a new investment bank working in partnership with existing multilateral investment and development banks, could play an important role to provide funds for addressing the large infrastructure needs in Asia, the ministry added.

"The AIIB will thus promote economic and social development in the region and contribute to global growth," the statement read. Endit